Self Employed Loans

Loans for self employed (contracted)

In addition to our normal range of loans the New Central Credit Union are offering loans specifically for ‘Contracted’ self-employed members to manage their cash flow. It will be based on our Revolver Loan product. Other self-employed can apply for our standard product range.

Loan terms

  • Maximum amount: £4000
  • NO set-up fees
  • NO extra charges or penalties to make additional repayments or pay the loan off early.
  • Repayment by standing order in favour of your credit union account
  • Interest rate of 3%/month  (APR 42.6% pa)
  • Maximum term: 12 months (a new loan is available at the same terms on successful completion of the previous)

Underwriting criteria

  • Become or are a member of the credit union
  • Minimum 12-month ‘service contract’ with a substantial ‘credit worthy’ company.
  • History of at least 2 months prior performance of the contract
  • Credit score of GT 500
  • Standard Affordability criteria met

Service contract = A contract to provide services which provides a regular income, which is invoiced and paid at least 1 monthly in arears.
Credit worthy company =  A footsie 250 equivalent company, with is expected to continue to trade for the next 2 years.

What happens after I submit my online application?

After you complete your loan application online, we will contact you to discuss your application and the documentation we will require to support the application.

What sort of documentation will be required?

The types of documentation we will request from you may vary between applicants due to differences in individual situations and the type of loan you are applying for. The following are some examples of documentation you may be asked to provide.


  • A completed Membership application form if you are not already a member
  • Photo ID: Driver’s license or passport
  • Proof of address: Copies of council tax or utility bills posted to home
  • Proof of income: Invoices and payments for last 3 months if not included in bank statements.
  • Company/business information: This can include the status of the business (sole trader, partnership, limited company, etc), and details of anyone other than yourself with a financial interest in the business.
  • Bank statements (via open banking): Business account and Personal account – last 3 months. These must demonstrate the regular payment of any liabilities you may have.
  • Service contract. Copy of the contract and current invoice.

Additional if available

  • Tax returns (SA302): Copies of your SA302 calculation for at least the last two years to help prove the income that you declare as part of your application.

Eligibility Assessment?

Once we have all the documentation requested, we are then able to complete a full assessment of your application which means that once it is approved, we can arrange faster funding of your loan.

  • We also look at your income and outgoings, to make sure you can afford the repayments.
  • We assess our loans based on your credit profile, which tells us how you have managed repayments to other lenders in the past.
  • Applicants who have a poor credit history and/or a few County Court Judgements (CCJs), a few missed payments and a few defaults are still considered.

Application process usually takes 3 working days and offers are based on affordability.

Click Here to Apply